If you’ve been paying any amount of attention to the real estate market, you may have noticed that mortgage rates have been steadily increasing throughout most of 2022. In fact, the average interest rate for a 30-year mortgage is over 5% as of early June.
When the Federal Reserve first lowered national interest rates at the start of the COVID-19 pandemic, buyers essentially flooded the market. Now that interest rates are increasing, some sellers are lowering their asking prices to make sure that buyer interest doesn’t begin to wane. If you’re searching for your dream home, you may be able to find it at a reasonable price.
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Looking To Buy A Home In A Competitive Market? Now that interest rates and home values are increasing at a somewhat steady rate, you might think that market conditions would start favoring the buyer. Despite recent changes, the market remains highly competitive among buyers. When market conditions are favorable for buyers, you likely won’t encounter much competition while you search for a new home. On the other hand, a competitive buyer’s market typically leads to the seller receiving multiple bids and having more power during negotiations. Even though buying a home in a competitive market is more challenging, it’s certainly not impossible. Here are some tips on how to win when searching for a new home. Make a Strong Initial Offer
The contingencies mentioned above are protections that allow you to back out of the contract you signed without any legal consequences. Because of how important these contingencies can be, this option should only be used as a last resort. _ Belvely Davis I am here for all your Real Estate needs. |